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July 8, 2011

How a Greek Default Could Destroy Europe

John Lanchester, London Review of Books

AP Photo

The economic crisis in Greece is the most important thing to have happened in Europe since the Balkan wars. That isn’t because Greece is economically central to the European order: at barely 3 per cent of Eurozone GDP, the Greek economy could vanish without trace and scarcely be missed by anyone else. The dangers posed by the imminent Greek default are all to do with how it happens.

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TAGGED: Eurozone, Europe, Greece

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